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China’s industrial profits shrink. Profits fell 1.9% year-over-year in December to 680.8 billion yuan, or $100.9 billion — one month after they posted their first contraction in nearly three years, Reuters reports, citing data released by China’s National Bureau of Statistics.

Morgan Stanley explains the stock market is set to tumble again. “In our view, its recovery is fragile and vulnerable to negative earnings guidance, the resumption of Fed policy normalization and clumsy policy execution by China,” Lisa Shalett, the chief investment officer at Morgan Stanley Wealth Management, told Business Insider.